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Ripple Price Technical Analysis – XRP/USD Bearish U-Turn

Key Highlights Ripple price extended declines and moved below the $1.80 support against the US Dollar. Yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken). The price continues to move down and it could soon break the 1.60 low to for more losses.

Ripple price faced a lot of selling pressure against the US Dollar and Bitcoin. XRP/USD could accelerate declines and it may soon test or break the $1.50 level.

Ripple Price Decline

It seems like the current bearish pressure is here to stay on Ripple price below $2.00 against the US Dollar. The price was under a lot of pressure and it moved below the $1.80 and $1.70 support levels. The downside move is strong and the price is now below the $1.65 level. Recently, there was a recovery from the $1.6062 swing low with a break of the 23.6% Fib retracement level of the last decline from the $2.38 high to $1.60 low.

However, the upside move was capped by the $2.00 handle. Moreover, the 50% Fib retracement level of the last decline from the $2.38 high to $1.60 low also acted as a resistance. More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair. It may continue to act as a strong barrier for buyers above $2.00. As long as the price is below the $2.00 handle, it remains at a risk of more losses below $1.60.

A break below the $1.60 level could open the doors for a test of the $1.50 level. Below the $1.50 level, there is a chance an extension towards the $1.40 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 25 level.

Major Support Level – $1.50

Major Resistance Level – $2.00

 

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Bearish U-Turn appeared first on NewsBTC.

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